The ascendency of India as an economic world power

India is one of the leading producers of Iron Ore. Iron ore is used in many things. In fact, it is one of the most widely used metals in the world. India also exports iron ore. At the same time, local demand for iron ore is increasing rapidly in the country.

Indian Minister of Steel Ram Vilas Paswan thinks that the decision makers in the government should discourage iron ore export because it might hurt the local steel industry. Well, this is a tricky situation for India. On the one hand, India is earning some foreign currency by exporting iron ore. So, exporting iron ore brings much needed foreign currency to the Indian economy. On the other hand, if India continues to export iron ore then soon, India may have to import iron ore from foreign countries.

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